"As we move forward in 2011, we are more positive in our outlook," said Stephen Lebovitz, chief executive of the Chattanooga-based shopping center developer and operator.

If losses on real estate impairments are included in each quarter, CBL earned $75.4 million, or 54 cents per share, in the most recent period. A year ago, CBL posted a gain of $2.3 million, or 2 cents a share.

The consensus analyst estimate was that the real estate investment trust would earn 50 cents in the most recent quarter.

Excluding impairments, CBL posted funds from operations of $86.3 million, or 62 cents per share, in the fourth quarter.

A year ago, CBL earned $85.7 million, or 62 cents per share, according to the company.

Lebovitz said after the market's close that CBL pursuing growth strategies such as its announced outlet center joint venture and a renovation program at several malls, including its flagship Hamilton Place.

For the year, including impairments, CBL reported a gain of $258.2 million, or $1.87 per share. That's compared to $190 million, or $1.79 per share, in the prior year.

Tuesday, CBL shares closed at $17.94, up 20 cents, or 1.13 percent.

However, shares rose in early after-hours trading by more than 5 percent.

The International Council of Shopping Centers has reported that January retail sales nationally rose 4.2 percent over a year ago.